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oil and gas finance

"G7 countries must turn words into action and develop a detailed roadmap for phasing out fossil fuel subsidies by 2025. For Canada, this responsibility ultimately lies with Environment and Clean Growth Minister Catherine McKenna and Finance Minister Bill Morneau," said experts from the #StopFundingFossils coalition.

This month we took escalated our campaign and took the fight directly to US Bank’s Annual Shareholder Meeting in Albuquerque, where representatives from pipeline resistance groups from across the nation told their stories directly to US Bank executives.

All financial institutions, public and private, including the World Bank, must still work toward aligning their finance with the aim of keeping global temperature increase below 1.5 degrees Celsius, but today, the World Bank set a high new bar in climate leadership.

The 12 projects contained in today's new briefing are examples that demonstrate how public finance is still acting as a critical lifeline for destructive fossil fuel projects, many of which could not otherwise be built, and how this support continues to this day, a full year after the Paris Agreement entered into force.

Over 200 civil society groups released a letter calling on multilateral development banks, including the World Bank, and leaders of G20 governments to commit to phase out subsidies and public finance for fossil fuels as soon as possible.

To have any hope of meeting globally-agreed climate goals, global financial flows must rapidly align with low-emission, climate-resilient development, and government-backed public finance institutions like the World Bank must signal this transition.

Instead of funding clean energy solutions, G20 governments and multilateral development banks still overwhelmingly fund the problem, averaging nearly $72 billion per year in public finance for fossil fuels compared to less than $19 billion per year for renewable energy.

The U.S. Export-Import Bank (USEXIM) is the third-largest supporter of fossil fuels among all G20 countries, according to a new report out today from Oil Change International, Friends of the Earth U.S., and WWF's European Policy Office.